Clas Ohlson (CLAS) Q4 24/25 earnings summary

Executive summary

• Full-year sales reached SEK 11.627 billion, up 14% with 10% organic growth; Q4 sales were SEK 2.343 billion, up 8–10% organically, and online sales grew 19%, now 19–21% of total sales.

• Operating profit for the year was SEK 1.171 billion (10.1% margin), with Q4 operating profit at SEK 109 million (4.6% margin).

• Earnings per share rose to SEK 13.91 from SEK 8.03; board proposes a SEK 7.00 dividend per share, totaling SEK 444 million and a 50% payout ratio.

• Store network expanded by 11 to 241 locations, with continued strong online and store performance across all markets.

• Club Clas membership neared 6 million, with strong growth among younger customers and improved customer satisfaction (NPS 59).

Financial highlights

• Q4 operating profit was SEK 109 million (4.6% margin), up from SEK 65 million; full-year profit after tax was SEK 882 million, with EPS at SEK 13.91.

• Free cash flow for the year was SEK 1.114 billion; cash flow from operations SEK 1.83 billion, up from SEK 1.489 billion.

• Gross margin increased to 39.5% in Q4; full-year gross margin was 39.1–39.2%, driven by sourcing, transportation, and product mix.

• Net debt/EBITDA (excl. IFRS 16) improved to -0.8x, indicating a strong net cash position.

• Inventory levels at period end were SEK 2.415 billion, slightly below last year.

Outlook and guidance

• Plan to open around 10 new stores net in 2025/26, with investments of SEK 250 million focused on store expansion, automation, logistics, and IT.

• May 2025 sales up 4% to SEK 883 million, with 8% organic growth; store network increased by 9 year-over-year.

• Continued focus on assortment, online growth, robust store network, and cost competitiveness.

• No structural factors expected to reduce margins in the short term; currency tailwinds anticipated.

• Addressable market estimated at SEK 340 billion, with 3.4% market share and significant growth opportunities.